Tag Archives: retirement system

I've Been Wrong Before, But Michael Bennet Gets It Right This Time

Our own appointed U.S. Senator and former Denver Public Schools superintendent Michael Bennet conducted a recent Q & A on federal education reform with Linda Kulman for Politics Daily. Here’s his answer to one question about incentives not matching objectives in the education system: We have not updated our theory of human capital, which is a fancy word for saying how do we attract and retain people to public education, since the labor market was one where women had two professional choices: being a nurse or being a teacher. We say to people, “We’d like you to come be a teacher, we imagine that you’re going to teach “Julius Caesar” every year for the next 30 years, we’re going to pay you a really terrible wage compared to what you could make doing almost anything else. … The way most school districts and states pay teachers in this country (is) if you leave any time in the first 20 years, you leave with what you’ve contributed to your retirement system … but if you stay for 30 years, you (get) a pension that’s worth three times what your Social Security is worth. No matter what else you want to do, […]

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